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Group Health Flex 125 Plan Administration
What is a Flex Plan?
The section 125 plan, also known as a flexible spending arrangements (FSA), flexible benefit account (FBA) and sometimes known simply as a flex plan is a dramatic development to the world of employee benefit group health plan design.
As a group health plan employer if you use a flex plan you can arrange for the establishment of accounts with pre-tax dollars from individual employees. Every employee can decide how much to contribute to the account and they do not have to pay any taxes on that portion of their salary. The employee can then use the money allocated for this pre-tax account for medical expenses they may incur throughout the year.
Group Health Plan Administration Services
Rocky Mountain Health Plans (RMHP) offers Flex Plan administration services through its partnership with CNIC Health Solutions (CNIC), Colorado’s largest independent third-party administrator. CNIC offers all of the following administration services:
- Flex Plan claim processing and check issuance
- Assistance with the generation of information required each year by the IRS and Department of Labor
- Maintenance of spending account records for reports to participating employees
